Shows
Succeed in MedicineRerelease: Secrets to Being a Happy Doc from the Happiest Doc, Taylor Brana, DODr. Taylor Brana was a Resident Physician at the time of the original recording (now at attending) in Psychiatry, Creator of The Happy Doc Podcast and developer of educational platforms that utilize voice-first technology. Our interview is really two separate interviews in one. In the first, we cover his podcast, where he interviews physicians on how they manage to continue finding fulfillment and enjoyment in their lives and practices in a world of crushing debt, wasteful administrative burdens, and so much clicking. We discuss the recurring themes that he sees from his guests. He started this as a med...2022-07-1149 min
The Podcast On PodcastingEp73: Why You Need To Be Authentically Excited On Your Show - Taylor BranaTune into today’s episode with Taylor Brana as he emphasizes how fun and excitement on your show can attract more listeners and how authenticity during the interview with the guests can ignite excitement in them as well. WHAT TO LISTEN FOR Why do others spend all extra time podcasting? Benefits of expanding guesting list Facing the fears in creating content How can consistency and excitement contribute to the growth of your show? The importance of batching episodes and recordings RESOURCE/LINK MENTIONED Calendly ABOUT TAYLOR BRANA Taylor Brana is a Psychiatrist, former...2021-08-0446 min
Finance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#87: The Finance Flash Go Podcast | Inflation & You | Important Topics About MoneyToday on the Finance Flash Go! podcast, we are talking about inflation.
Inflation decreases the purchasing power of your money each year.
It is the reason that you need to invest...and to invest wisely.
But what exactly is it and how does it affect you?
Let's explore!
Please enjoy the Finance Flash Go podcast! We plan to release a new episode every weekday answering important finance questions. If you ever want to submit a question to our podcast, send an e-mail to financeflashgo@gmail.com, and please be...2021-05-1006 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#86: The Finance Flash Go Podcast | Real Estate Professional (Tax) Status | Important Topics About MoneyToday on the Finance Flash Go! podcast, we're chatting about REPS!
Real Estate Professional tax Status or REPS allows you to offset your ACTIVE income using your losses from real estate investing. This is a HUGE tax advantage for W2 and 1099 earners.
But how can you achieve REPS? Let me show you!
Please enjoy the Finance Flash Go podcast! We plan to release a new episode every weekday answering important finance questions. If you ever want to submit a question to our podcast, send an e-mail to financeflashgo@gmail.com, and please...2021-05-0705 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#85: The Finance Flash Go Podcast | Real Estate Depreciation | Important Topics About MoneyOn this episode of the Finance Flash Go podcast, I'll go in depth on depreciation and it's role in real estate investing.
Put simply, real estate depreciation is a paper loss that you automatically take on your investment property that can be counted against your income from that same or other properties. In certain scenarios, you can even use it to offset active W2 or 1099 income.
This is what makes real estate such a powerful investment vehicle!
Please enjoy the Finance Flash Go podcast! We plan to release a new episode every weekday...2021-05-0605 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#84: The Finance Flash Go Podcast | FIRE | Important Topics About MoneyToday on the Finance Flash Go! podcast, I’ll share my thoughts about FIRE and what it means!
What is FIRE?
I’m gonna keep this real brief.
If you go online to any forum, you will find intense arguments about what FIRE means, what it is and what it isn’t. Is the blogger technically on FIRE if she still blogs to make money?
Who.cares.
The thing is that it doesn’t matter at all what anyone else thinks. FIRE is personal. It’s a one woman or man gam...2021-05-0504 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#83: The Finance Flash Go Podcast | Investing in Market Highs | Important Topics About MoneyToday on the Finance Flash Go! podcast, I’ll share my thoughts about investing during market highs!
Hint: It is always a good time to invest in the stock market! But only when you are investing in a manner that does not require you to be able to predict the future…like with low cost broadly diversified index funds.
Please enjoy the Finance Flash Go podcast! We plan to release a new episode every weekday answering important finance questions. If you ever want to submit a question to our podcast, send an e-mail to financeflashgo@gmai...2021-05-0405 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#82: The Finance Flash Go Podcast | Market Appreciation | Important Topics About MoneyToday on the Finance Flash Go! podcast, we will cover the topic of market appreciation.
Market appreciation is how much your property is valued in the market. It is subjective and based just on how much someone will pay for your property at any given time.
It is out of your control and should not be relied on as a consistent source of income/equity in your real estate investing. Think of it instead like a cherry on top…if it happens great! If not, no big deal.
Please enjoy the Finance Flash Go...2021-05-0305 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#81: The Finance Flash Go Podcast | Forced Appreciation | Important Topics About MoneyToday on the Finance Flash Go! podcast, we will cover the topic of forced appreciation.
Forced appreciation in real estate investing is appreciation that YOU, as the investor, bring about on your property.
Your investment property is a business. So it is valuated as such. And anuthing you do to increase the profits of your business will force appreciation on it!
Please enjoy the Finance Flash Go podcast! We plan to release a new episode every weekday answering important finance questions. If you ever want to submit a question to our podcast, send...2021-04-3004 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#80: The Finance Flash Go Podcast | Cash-on-Cash Return on Investment | Important Topics About MoneyToday on the Finance Flash Go! podcast, I want to go a little more in depth about cash on cash calculations as they relate to real estate investing. Specifically, we will talk about their relationship to return on investment.
Please enjoy the Finance Flash Go podcast! We plan to release a new episode every weekday answering important finance questions. If you ever want to submit a question to our podcast, send an e-mail to financeflashgo@gmail.com, and please be sure to check out Jordan Frey’s blog prudentplasticsurgeon.com where he gives great financial advice.
...2021-04-2904 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#79: The Finance Flash Go Podcast | Stock P/E Ratios | Important Topics About MoneyToday on the Finance Flash Go! podcast, we’re talking about stock P/E ratios.
The P/E ratio helps investors determine the market value of a stock as compared to the company's earnings. In short, the P/E shows what the market is willing to pay today for a stock based on its past or future earnings. A high P/E could mean that a stock's price is high relative to earnings and possibly overvalued. Conversely, a low P/E might indicate that the current stock price is low relative to earnings.
However, companies th...2021-04-2804 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#78: The Finance Flash Go Podcast | Capital Gains Taxes | Important Topics About MoneyToday on the Finance Flash Go! podcast, we’re talking about capital gains taxes.
Capital gains taxes are unlike income taxes in that they are not taxed on an annual basis.
They are taxed based on when the asset being taxed is sold.
They also are generally lower than your income tax rate which can be used to your advantage.
Let’s discuss more.
Please enjoy the Finance Flash Go podcast! We plan to release a new episode every weekday answering important finance questions. If you ever want to subm...2021-04-2705 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#77: The Finance Flash Go Podcast | Stock Dividends | Important Topics About MoneyToday on the Finance Flash Go! podcast, we are talking about stock dividends.
A stock dividend is a dividend given to shareholders that is made in shares, not cash. The advantage is the rewarding of shareholders without reducing the company's cash balance, although it can weaken earnings per share.
Let’s discuss more.
Please enjoy the Finance Flash Go podcast! We plan to release a new episode every weekday answering important finance questions. If you ever want to submit a question to our podcast, send an e-mail to financeflashgo@gmail.com, and please be...2021-04-2605 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#76: The Finance Flash Go Podcast | Cash-on-Cash Return | Important Topics About MoneyToday on the Finance Flash Go! podcast, I’ll share my favorite metric for evaluating investment real estate properties, cash-on-cash return!
Cash-on-cash return (CoC) is the percentage of annual cash flow that a property puts in your pocket divided by the amount that you paid out-of-pocket for that property.
I pursue properties that reach an expected CoC return of 10% or greater. If it meets that mark, I am going to make an offer. If not, I’ll pass.
Let’s discuss.
Please enjoy the Finance Flash Go podcast! We plan to releas...2021-04-2305 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#75: The Finance Flash Go Podcast | Day Trading |Important Topics About MoneyToday on the Finance Flash Go! podcast, I’m talking about day trading.
Day trading generally refers to the strategy of trading individual stocks within a trading day.
Why is this a bad idea?
Well, it relies on you predicting the unpredictable, which is the emotional aspect of stock investing.
Let’s discuss.
Please enjoy the Finance Flash Go podcast! We plan to release a new episode every weekday answering important finance questions. If you ever want to submit a question to our podcast, send an e-mail to financeflashgo@gmai...2021-04-2205 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#74: The Finance Flash Go Podcast | YOLO Investing |Important Topics About MoneyToday on the Finance Flash Go! podcast, we talk about YOLO investing.
YOLO investing means You Only Live Once so let’s let your money ride of an individual stock like GameStop.
It’s the inverse of the index fund/FIRE philosophy.
But can you do a little bit of YOLO investing?
Let’s discuss.
Please enjoy the Finance Flash Go podcast! We plan to release a new episode every weekday answering important finance questions. If you ever want to submit a question to our podcast, send an e-mail to fin...2021-04-2105 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#73: The Finance Flash Go Podcast | Important Topics About Money | How Much Should You Save For Kids' College?Today on the Finance Flash Go! podcast, it’s all about 529 plans and saving for your kids’ colleges.
529 plans, also known as qualified tuition plans, allows for individuals to save money for qualified educational costs with tax advantages.
Which ones? How? How much should you be saving in these accounts?
We will cover it all in this episode!
Please enjoy the Finance Flash Go podcast! We plan to release a new episode every weekday answering important finance questions. If you ever want to submit a question to our podcast, send an e-ma...2021-04-2006 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#72: The Finance Flash Go Podcast | Important Topics About Money | Mutual Fund Expense RatiosToday on the Finance Flash Go! podcast, we’re going to cover expense ratios in stock investing.
Put simply, an expense ratio for a mutual fund refers to the fee that the investor must pay to cover the expenses for operating the mutual fund.
So make sure they are low!
Please enjoy the Finance Flash Go podcast! We plan to release a new episode every weekday answering important finance questions. If you ever want to submit a question to our podcast, send an e-mail to financeflashgo@gmail.com, and please be sure to ch...2021-04-1905 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#71: The Finance Flash Go Podcast | Important Topics About Money | LiabilitiesToday on the Finance Flash Go! podcast, I’ll tell you what you need to know about liabilities.
Let’s get down the basics. Let’s talk about assets and liabilities and how they will determine your wealth and, ultimately, financial freedom.
Liabilities are anything that takes money out of your pocket.
Again, it’s that simple. Listen and I’ll tell you why.
Please enjoy the Finance Flash Go podcast! We plan to release a new episode every weekday answering important finance questions. If you ever want to submit a question t...2021-04-1605 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#70: The Finance Flash Go Podcast | Important Topics About Money | AssetsToday on the Finance Flash Go! podcast, I’ll tell you what you need to know about assets.
Let’s get down the basics. Let’s talk about assets and liabilities and how they will determine your wealth and, ultimately, financial freedom.
Assets are anything that makes you money, it puts money in your pocket.
It’s that simple. Listen and I’ll tell you why.
Please enjoy the Finance Flash Go podcast! We plan to release a new episode every weekday answering important finance questions. If you ever want to submit a q...2021-04-1504 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#69: The Finance Flash Go Podcast | Important Topics About Money | Deep WorkToday on the Finance Flash Go! podcast, let’s chat about deep work.
One of the better books that I have read in the past year is Deep Work by Cal Newport. Both my wife, Selenid, and I have read it. And I even gifted it to my brother-in-law, Justin, who still thinks he’s smarter than me. As a concept, “deep work” refers to the ability to concentrate without distraction on a cognitively challenging task. As you can imagine, the advantages of deep work for anyone, let alone a physician, are humongous! So, this post is all abou...2021-04-1406 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#68: The Finance Flash Go Podcast | Important Topics About Money | Buying A CarToday on the Finance Flash Go! podcast, let’s chat about cars for doctors.
Everyone knows about the doctor car. Doctors know about it. Non-doctors know about it. Other than the doctor house, it is the symbol of medicinal consumerism.
But is it smart to get a doctor car? If not, what kind of car? Should you buy or lease a car?
Well, take me as an example as I try to illustrate this.
Before I began my financial education at the end of my fellowship, I was prepared to lease a...2021-04-1306 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#67: The Finance Flash Go Podcast | Important Topics About Money | Analysis ParalysisToday on the Finance Flash Go! podcast, we are talking about analysis paralysis.
Analysis paralysis can seriously impede our ability to make progress in our lives. Personally. Professionally. Financially. With friends, family, colleagues. The list goes on and on…
It is also super common. I have never asked one person who hasn’t admitted to suffering from analysis paralysis in one form or another.
And it is hard to resist. Evolutionarily, analysis paralysis makes sense. We are a loss adverse species in which losses hurt a lot more than wins give us pleasure. We a...2021-04-1206 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#66: The Finance Flash Go Podcast | Important Topics About Money | Calculating Your Net WorthToday on the Finance Flash Go! podcast, I’ll share how to calculate your net worth.
Net worth is the scorecard of financial well-being, security, and ultimately independence. You want to increase your net worth every day.
To review, net worth is equal to all of your assets added up subtracted by all of your liabilities added up.
In the way of definitions, assets are things that put money in your pocket. A cash-flowing real estate investment property is an asset. A liability is anything that takes money out of your pocket. A br...2021-04-0905 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#65: The Finance Flash Go Podcast | Important Topics About Money | Capitalization RateToday on the Finance Flash Go! podcast, let’s chat about capitalizatoion rates.
Capitalization rates, or cap rates, come into play when discussing real estate investing.
Basically, the cap rate is a measure of return that you receive from an investment property.
Mathematically, it is equal to your net operating income (NOI) divided by the price that you bough the propert for. And NOI is equal to your income from the property minus all expenses EXCEPT mortgage principal and interest.
Please enjoy the Finance Flash Go podcast! We plan to release a...2021-04-0806 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#64: The Finance Flash Go Podcast | Important Topics About Money | Bear MarketsToday on the Finance Flash Go! podcast, we are talking bear markets.
A bear market is when the value of the opverall stock market drops 20% of more below it’s recent peak values. It is basically the opposite of a bull market.
But bear markets are not uncommon. You will go through them in your investment career.
The key is to understand the correcty philosophy of investing broadly for the long term, not the short term. You do NOT want to sell your stocks in a bear market because you are worried about fu...2021-04-0706 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#63: The Finance Flash Go Podcast | Important Topics About Money | Bull MarketsToday on the Finance Flash Go! podcast, we’re going to discuss stock market corrections.
A bull market refers to a financial market in which prices of assests are rising, or are anticipated to rise.
The traditional definition is a market that has risen in value by 20% or greater.
Please enjoy the Finance Flash Go podcast! We plan to release a new episode every weekday answering important finance questions. If you ever want to submit a question to our podcast, send an e-mail to financeflashgo@gmail.com, and please be sure to check ou...2021-04-0605 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#62: The Finance Flash Go Podcast | Important Topics About Money | Stock Market CorrectionsToday on the Finance Flash Go! podcast, we’re going to discuss stock market corrections.
A stock market correction is defined as a drop in the overall stock market of 10%.
They can last for days, weeks, or months and generally occur on average once a year.
Please enjoy the Finance Flash Go podcast! We plan to release a new episode every weekday answering important finance questions. If you ever want to submit a question to our podcast, send an e-mail to financeflashgo@gmail.com, and please be sure to check out Jordan Frey’s bl...2021-04-0506 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#61: The Finance Flash Go Podcast | Important Topics About Money | Single Premium Immediate AnnuitiesToday on the Finance Flash Go! podcast, we’re going to talk more about annuities and a particular variety of annuity.
An single payment immediate annuity is a product and agreement between an individual and an insurance company that pays the owner a guaranteed income starting pretty much immediately. It differs from a deferred annuity, which begins payments at a future date chosen by the annuity owner. An immediate payment annuity is also known as a single-premium immediate annuity (SPIA), an income annuity, or simply an immediate annuity.
Buyers can choose monthly, quarterly, or annual in...2021-04-0206 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#60: The Finance Flash Go Podcast | Important Topics About Money | Whole Life Insurance (Don't Buy It!)Today on the Finance Flash Go! podcast, we’re going to talk about whole life insurance.
First, what is life insurance for?
Life insurance is insurance needed if you have anyone depending on your income to live. This includes spouses, partners, kids, etc.
Don’t have any dependents? Then you don’t need life insurance. Are you and your dependents financially free? Then you don’t need life insurance.
Unlike term insurance, which lasts only for the “term” that you buy it, whole life insurance is designed to pay out when you die, no...2021-04-0106 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#59: The Finance Flash Go Podcast | Important Topics About Money | Tax RatesToday on the Finance Flash Go! podcast, we’re going to talk about tax rates.
It’s very important to understand the difference between your marginal and your effective tax rate.
When people talk about their “tax bracket,” they are really talking about their marginal tax rate. This is the rate that the next $1 that they earn is taxed at.
But, we have a progressive tax system in the US. This means that every dollar that you make is not taxed the same way. The first $1000, let’s say, is taxed at a much lower...2021-03-3105 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#58: The Finance Flash Go Podcast | Important Topics About Money | Familiarity Bias in Stock InvestingToday on the Finance Flash Go! podcast, I’ll share my thoughts on familiarity bias in stock investing.
Familiarity bias is when we feel that an investment is good, or even worthwhile, because we are familiar with it.
We feel that we have some “insider” knowledge of a product, industry, field, technology, you name it. So, we believe that we can leverage this familiarity and perceived knowledge to invest and outperform the market.
This plays out allllll the time, especially in stock investing. Someone works in product development and thinks some new technology will p...2021-03-3005 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#57: The Finance Flash Go Podcast | Important Topics About Money | Good Versus Bad DebtToday on the Finance Flash Go! podcast, we wade in tricky water…discussing good vs. bad debt!
Can debt be good? Or it all bad? These are important questions to ask.
A straw poll of most people would likely reveal an overwhelming majority who believe that all money owed is bad.
I wouldn’t be surprised to find that an even greater majority of physicians believe that all debt is bad. We spend so much of our lives under the burden of student loans. Physicians also notoriously use borrowed money to finance the life...2021-03-2906 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#56: The Finance Flash Go Podcast | Important Topics About Money | Tax CreditsToday on the Finance Flash Go! podcast, we’re going to discuss tax credits.
Now let’s chat about tax credits.
Tax credits are different from tax deductions in that the full amount of a tax credit is deducted from the amount of taxes that you owe in a given year.
For instance, if you have a $5000 tax credit, that means that you pay $5000 less in taxes that year.
In contrast, a $5000 tax deduction will save you an amount equal to $5000 multiplied by your margial tax rate.
So, a tax...2021-03-2603 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#55: The Finance Flash Go Podcast | Important Topics About Money | Tax DeductionsToday on the Finance Flash Go! podcast, we’re going to discuss tax deductions.
A tax deduction is a form of a tax break.
Essentially, a tax deduction lowers the amount of a person's taxable income. In this way, the amount of income that you are taxed on in that given year is less. Thus you pay less taxes.
The amount that a tax deduction saves you in taxes is equal to the whole sum of your deductions multiplied by your marginal tax rate.
Some tax deductions are able to be ta...2021-03-2506 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#54: The Finance Flash Go Podcast | Important Topics About Money | Target Date Retirement FundsToday on the Finance Flash Go! podcast, we’re going to discuss target date retirement funds.
Target date funds are funds offered by many brokerages in which they base the asset allocation on the estimated year that you plan to retire.
The funds are generally composed of index funds in select stock/bond allocations that decrease in risk as you approach your targeted retirement year. The asset rebalancing is performed automatically by the fund without you needing to actively do anything.
The disadvantage of target date funds are that their expense ratio is ty...2021-03-2405 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#53: The Finance Flash Go Podcast | Important Topics About Money | Becoming an Accredited InvestorToday on the Finance Flash Go! podcast, I’ll fill you in on what it means to be an accredited investor.
An accredited investor is an individual or a business that is allowed to invest in certain vehicles or opportunities that may not be registered with authorities. They are allowed to do this by satisfying at least one requirement with regards to factors, usually income or net worth.
In the U.S, the definition of an accredited investor is madeby SEC in Rule 501 of Regulation D.
To be classified as an accredited investor, a...2021-03-2306 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#52: The Finance Flash Go Podcast | Important Topics About Money | Is Passive Income A Real Thing?Today on the Finance Flash Go! podcast, we have a simple question: Is passive income a real thing?
This is the question that I will try to answer today.
It’s hotly debated. Many accused me many times of incorrectly calling some type of income passive.
It really comes down to semantics. But semantics can be important. Someone hears about “passive income” and imagines a golden goose. It’s important that what we are describing is accurate to avoid misleading people.
Real passive income is really leveraged income.
There is no su...2021-03-2205 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#51: The Finance Flash Go Podcast | Important Topics About Money | Investing Your Emergency FundToday on the Finance Flash Go! podcast, I’m gonna tell you how you should invest your emergency fund!
Keep your emergency fund (or any pile of money you need in the short term, like 5ish years) in a safe place, like a high yield savings or money market account, so that it can be accessed and used easily when it is needed, in an emergency.
This emergency fund will keep you from needing to take out more debt or extend credit for things like car repairs, a broken furnace, or a pandemic that results in...2021-03-1906 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#50: The Finance Flash Go Podcast | Important Topics About Money | 457 AccountsToday on the Finance Flash Go! podcast, we are going to talk about 457 accounts!
A 457 investment account is another tax advantaged retirement account. It comes in two flavors: governmental 457 and non-governmental 457.
Governmental 457 accounts are more common and cater to local and state public workers rather than for-profit employers like 401(k)s.
Non-governmental 457s are available to certain tax-exempt non-governmental institutions. They are similar but, in general, governmental 457s are a bit better.
Like 401(k)s, 457s allow pre-tax contributions that grow within the account and are taxed upon withdrawal. The 2020 contribution...2021-03-1806 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#49: The Finance Flash Go Podcast | Important Topics About Money | What is an Investment Brokerage?Today on the Finance Flash Go! podcast, it’s all about investment brokerages!
A brokerage is a company that serves as an intermediary for you to purchase investment products like mutual funds, stocks, bonds, and/or REITs among other products.
You can open a variety of accounts within a single brokerage. For instance, you can open a Roth IRA and a taxable investment account with Vanguard.
You will also use a brokerage to invest your employee retirement savings if you have such an account. In this case, your employer would select your brokerage....2021-03-1706 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#48: The Finance Flash Go Podcast | Important Topics About Money | AnnuitiesToday on the Finance Flash Go! podcast, it’s all about annuities!
An annuity is a contract between you and an insurance company. Basically, you agree to make a lump-sum payment or series of payments and, in return, receive regular disbursements, beginning either immediately or at some point in the future.
These are insurance contracts that promise to pay you regular income either immediately or in the future. Therefore, many people find them useful and buy them for retirement. If they are not sure that their money will last until they die, they buy an an...2021-03-1606 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#47: The Finance Flash Go Podcast | Important Topics About Money | Junk BondsToday on the Finance Flash Go! podcast, let’s get into the dirt talking about junk bonds!
Junk bonds, or high-yield bonds, are risky investments. They are bonds that have higher rates of default. But they also offer significantly higher returns. Unlike lower-risk, investment-grade bonds, junk bonds are not usually ideal for long-term investments, and can easily cause the investor to lose their investment.
I don’t invest in junk bonds and really recommend that you stay away as well!
Please enjoy the Finance Flash Go podcast! We plan to release a new epis...2021-03-1504 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#46: The Finance Flash Go Podcast | Important Topics About Money | Municipal BondsToday on the Finance Flash Go! podcast, we are going local and organic as we discuss municipal bonds!
A municipal bond is a bond (or “debt” or “IOU”) issued by a state or municipality to fund public works. Like other bonds, investors lend money to the issuer for a predetermined period of time, also known as the maturity of the bond. The issuer promises to pay the investor interest over the term of the bond (usually twice a year), and then return the principal back to the investor when the bond matures - that’s how all bonds work...2021-03-1205 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#45: The Finance Flash Go Podcast | Important Topics About Money | Small Cap vs. Mid Cap vs. Large Cap StocksToday on the Finance Flash Go! podcast, it’s trap or cap time. So let’s go!
A stock’s “cap” refers to its relative size in the market.
Large cap refers to a company with a market capitalization value of greater than $10 billion.
Market capitalization is calculated by multiplying the number of a company's shares by its stock price per share.
A company’s stock is the generally classified as large cap, mid cap or small cap.
Mid is the next size down and small is obviously the smallest.2021-03-1105 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#44: The Finance Flash Go Podcast | Important Topics About Money | Growth vs. Value StocksToday on the Finance Flash Go! podcast, we’re going to cover growth versus value stocks.
Growth stocks are stocks in companies that are estimated to have the potential to outperform the overall market over time because of their future potential. Value stocks are stocks in companies that are currently trading below what peopel think they are really worth and will thus in theory provide a superior return.
Growth stocks are considered by analysts to have the potential to outperform either the overall markets or else a specific subsegment of them. Growth stocks can be fo...2021-03-1005 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#43: The Finance Flash Go Podcast | Important Topics About Money | The Backdoor Roth IRAEven hotter topic alert! Today on the Finance Flash Go! podcast, we’ll be discussing the Backdoor Roth IRA!
There IS a way for high income earners to contribute to a Roth IRA. It is colloquially called a Backdoor Roth IRA.
I won’t get into the nitty gritty of exactly how to do this here, but will describe the general idea.
Let’s say your income as a married couple is above $206,000. You already maxed out your 401(k) and 457(b) options. You want to maximize your tax advantaged investing before going into a taxa...2021-03-0905 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#42: The Finance Flash Go Podcast | Important Topics About Money | The Roth IRAHot topic alert! Today on the Finance Flash Go! podcast, we’ll be discussing the Roth IRA!
The Roth IRA is named after Senator William Roth who introduced the concept.
With a Roth IRA, your money is taxed at the time of contribution. The money then grows tax-free and is NOT taxed upon withdrawal. The contribution limit in 2020 is $6000 and the general rule for age of withdrawal without penalty is 59½.
Ok, here’s the kicker…there is an income limit to be allowed to contribute to a Roth IRA. The income limit in 2020 is $139...2021-03-0806 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#41: The Finance Flash Go Podcast | Important Topics About Money | Health Savings Accounts (HSAs)Today on the Finance Flash Go! podcast, we’ll talk about health savings accounts or HSAs!
An HSA is an account where you contribute tax free money to be used towards health care expenses. While in the account, it grows tax free and is withdrawn tax free, so long as it goes towards health care expenses.
Triple tax free – no other account does that!
The extra nice trick is that you don’t need to withdraw money to pay for health care expenses right when they are due.
You can save the re...2021-03-0504 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#40: The Finance Flash Go Podcast | Important Topics About Money | 529 Savings AccountsToday on the Finance Flash Go! podcast, the topic is 529 accounts!
A 529 account is an education savings account. Contribute money tax free, invest it tax free, and withdraw it tax free so long as it goes towards your designated child’s education.
Please enjoy the Finance Flash Go podcast! We plan to release a new episode every weekday answering important finance questions. If you ever want to submit a question to our podcast, send an e-mail to financeflashgo@gmail.com, and please be sure to check out Jordan Frey’s blog prudentplasticsurgeon.com where he give...2021-03-0404 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#39: The Finance Flash Go Podcast | Important Topics About Money | Traditional Individual Retirement Account (IRA)Today on the Finance Flash Go! podcast, the topic is Traditional IRAs!
A Traditional IRA or Individual Retirement Account is an investment account available to any individual.
You can contribute up to $6000 yearly (as of 2020) to a Traditional IRA. Money put into this account is not taxed. Again, the money grows and then is taxed upon withdrawal (when your effective tax rate is likely lower).
Money can be withdrawn without a 10% penalty beginning at age 70½.
The main issue with a Traditional IRA is that the initial tax deduction upon contributing money i...2021-03-0305 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#38: The Finance Flash Go Podcast | Important Topics About Money | Lifestyle CreepToday on the Finance Flash Go! podcast, how to manage lifestyle creep!
So, we are all on the same page, lifestyle creep is the concept that when we increase our income, we respond by increasing our spending.
This is such a huge thing for physicians because after training, our income increases 100s fold overnight. Add that to years and years of delayed gratification and mountains of debt and it can be a recipe for disaster.
The reason is that it is much easier to reduce spending that was never there by avoiding excessive...2021-03-0205 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#37: The Finance Flash Go Podcast | Important Topics About Money | Rebalancing Your InvestmentsToday on the Finance Flash Go! podcast, we are talking about an amazingly simple and effective investment strategy called rebalancing!
Ok to start, we are assuming that at this point you have determined your asset allocation and bought funds according to your asset allocation. What next?
When investing in anything, the goal is to buy low and sell high. Then you earn the difference between the buying price and the selling price.
But how can you do this in the market without timing it or guessing the future, which we cannot reliably do?2021-03-0105 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#36: The Finance Flash Go Podcast | Important Topics About Money | The All-Important 401(k) Account!Today on the Finance Flash Go! podcast, we are talking about the all-important 401(k) account!
A 401(k) investment account is probably the most common retirement investment account offered by employers. Additionally, self-employed individuals can open a solo 401(k).
In a 401(k), the money you put in ($19,500 limit in 2020) is not yet taxed (pre-tax money). It then grows in the account and is taxed when you withdraw the money in the future. This is advantageous because your effective tax rate during your peak earning years is very likely to higher than it will be in retirement...2021-02-2605 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#35: The Finance Flash Go Podcast | Important Topics About Money | What's Included in Your Savings Rate?Today on the Finance Flash Go! podcast, we are discussing what is included in our savings rate.
As I’ve shared before, the formula for wealth as a physician is quite simple. And a savings rate of at least 20% is pretty much mandatory.
Let's give an example:
We can determine that we would need to save $50,000/year for 30 years assuming a very conservative 5% return to live on $120,000 annually in retirement.
If your annual gross income is $250,000, 20% of your gross income is equal to the necessary $50,000/year. This salary is right around th...2021-02-2504 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#34: The Finance Flash Go Podcast | Important Topics About Money | Real Estate SyndicationsToday on the Finance Flash Go! podcast, we are discussing real estate syndications.
Passive real estate investing is any investment into real estate that you make with your money alone. You contribute no “sweat equity” to the venture.
You simply hand your money to someone else (usually a group) and they use that money to invest in real estate. The most common forms of this type of real estate investing are syndications and funds.
In a syndication, you and a number of other people pool your money to buy and invest in one prop...2021-02-2405 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#33: The Finance Flash Go Podcast | Important Topics About Money | Examples of Passive Real Estate InvestingToday on the Finance Flash Go! podcast, we are discussing passive real estate investing.
Passive real estate investing is any investment into real estate that you make with your money alone. You contribute no “sweat equity” to the venture.
You simply hand your money to someone else (usually a group) and they use that money to invest in real estate. The most common forms of this type of real estate investing are syndications and funds.
In a syndication, you and a number of other people pool your money to buy and invest in one...2021-02-2304 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#32: The Finance Flash Go Podcast | Important Topics About Money | Physician Side GigsToday on the Finance Flash Go! podcast, we are discussing the classic three fund portfolio.
Ok, let’s take a step back and chat about stock and index fund investing again.
When you buy a company’s stock, you are saying that you believe in that company’s success. If you are right, like with Apple, you make a lot of money. If you are wrong, like Enron, you lose all of your money. Picking the right company, or horse, can be difficult even for the “experts.”
When you buy the whole U.S. stock m...2021-02-2205 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#31: The Finance Flash Go Podcast | Important Topics About Money | VTSAXWelcome to another episode of the Finance Flash Go! podcast. On this episode, we’ll talk about VTSAX. Confused? Well, tune in!
VTSAX is an index fund offered through the brokerage Vanguard.
But before we even get into that, a refresher on stocks and index funds.
Over the long term, the overall stock market has always gone up. If you put money in the overall stock market at any point in history and just did nothing and kept it there for 20 years, you would have made a lot of money. This is largely wh...2021-02-1903 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#30: The Finance Flash Go Podcast | Important Topics About Money | The Public Service Loan Forgiveness ProgramWelcome to another episode of the Finance Flash Go! podcast. On this episode, we’ll talk about the Public Service Loan Forgiveness (PSLF) program.
Now, I am a big proponent of paying off your student loans as quickly as possible. This is how I am paying off my student loans as well. Our goal is that we need to pay these off in 5 years or less.
But there is also the PSLF program. And that may be an option for some physicians. But who?
Well, I could have taken advantage of the PSLF pr...2021-02-1804 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#29: The Finance Flash Go Podcast | Important Topics About Money | Physician Side GigsCould a physician side gig be for you?! Let’s explore in this episode of the Finance Flash Go! podcast!
Passive income was a foreign concept to me just a short time ago. And physician side gigs? Why in the world would a doctor want or need a side gig?
The problem was that I was stuck in the traditional narrative that the way to reach financial freedom and true wealth was to work hard, ask no questions, and eventually you retire. But the issue with this way of thinking is that the concepts of sa...2021-02-1705 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#28: The Finance Flash Go Podcast | Important Topics About Money | Real Estate Investment TrustsThis episode of the Finance Flash Go! podcast will share the most passive and easiest form of real estate investing.
Real Estate Investment Trusts are basically investing in a mutual fund of real estate investments. These are available in nearly every brokerage. Real estate doesn’t correlate with stocks/bonds so this is a good, passive way to diversify. No traditional tax benefits with this type of real estate investing though.
Please enjoy the Finance Flash Go podcast! We plan to release a new episode every weekday answering important finance questions. If you ever want to...2021-02-1604 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#27: The Finance Flash Go Podcast | Important Topics About Money | Passive Real Estate InvestingThis episode of the Finance Flash Go! podcast will teach you all about passive real estate investing.
Passive real estate investing is any investment into real estate that you make with your money alone. You contribute no “sweat equity” to the venture.
You simply hand your money to someone else (usually a group) and they use that money to invest in real estate. The most common forms of this type of real estate investing are syndications and funds.
In a syndication, you and a number of other people pool your money to buy and...2021-02-1505 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#26: The Finance Flash Go Podcast | Important Topics About Money | Physician MortgagesThis episode of the Finance Flash Go! podcast covers physician mortgages.
Let’s start with basics. A mortgage is a loan from the bank. Various mortgage products are available. Most require a fairly significant down payment, anywhere from 3.5% for FHA loans to 25%. Many physicians do not have this kind of lump sum money sitting around to afford a mortgage right out of training. This obviously represents one of the reasons that renting your home right out of training is a much safer bet in general.
But physicians make a lot of money. And banks know th...2021-02-1205 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#25: The Finance Flash Go Podcast | Important Topics About Money | Buying a Primary ResidenceThis episode of the Finance Flash Go! podcast is about buying your primary residence.
Buying a home out of training especially in my mind requires you to really have a strict set of criteria that you follow for it to be the right financial choice.
The reason that my wife and I bought our first home is multifold.
But the bottom line is that we set a budget of what we could afford, created criteria for what we were looking for, and kept emotion out of it (ok fine…emotions were involved but we...2021-02-1107 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#24: The Finance Flash Go Podcast | Important Topics About Money | Taxable Investment AccountsThis episode of the Finance Flash Go! podcast discusses some important considerations with asset location!
The first account we’ll review is a taxable investment account.
This is the account that you probably think of when you imagine investing your money in the stock or bond market. This account does not carry any special considerations from the government or IRS.
Anyone can open one of these accounts by signing up for one on Vanguard (my recommendation), Fidelity, or any other brokerage.
In general, the money that you put into this account ha...2021-02-1004 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#23: The Finance Flash Go Podcast | Important Topics About Money | Setting Up Your Asset AllocationThis episode of the Finance Flash Go! podcast will help you to set your own asset allocation!
Step #1 before you actually invest your money is determining your asset allocation.
Step #1 is where most people get hung up.
There are so many different asset allocations and we can get so worried about picking the right one. But the trick is to realize that there are no right asset allocations. There are also few wrong asset allocations.
The important thing is that you pick one and stick with it.
Let’s fi...2021-02-0905 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#22: The Finance Flash Go Podcast | Important Topics About Money | Time and Compound InterestThis episode of the Finance Flash Go! podcast is all about the magic of compound interest.
Compound interest is magic. In fact, Einstein has been quoted as saying it is the most powerful force in the universe. It never rests. It can be working against you or for you. It works against you in the form of interest on debt. It works for you in the form of yield or return on investments. The sooner you can have it stop working against you by paying off debts and get it working for you by investing wisely, the...2021-02-0806 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#21: The Finance Flash Go Podcast | Important Topics About Money | The Magic of Compound InterestThis episode of the Finance Flash Go! podcast is all about the magic of compound interest.
Compound interest is magic. In fact, Einstein has been quoted as saying it is the most powerful force in the universe. It never rests. It can be working against you or for you. It works against you in the form of interest on debt. It works for you in the form of yield or return on investments. The sooner you can have it stop working against you by paying off debts and get it working for you by investing wisely, the...2021-02-0504 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#20: The Finance Flash Go Podcast | Important Topics About Money | Where Does Your Emergency Fund Go?This episode of the Finance Flash Go! podcast shares tips for keeping your emergency fund safe.
Your emergency fund is a stash of money that represents 3-6 months of your average expenses. Your emergency fund is money that you could need at any time. For an emergency. Its even in the name. Invest it somewhere safe. This fund is kept in a safe place, like a high yield savings account, so that it can be accessed and used easily when it is needed, in an emergency. This emergency fund will keep you from needing to take out...2021-02-0404 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#19: The Finance Flash Go Podcast | Important Topics About Money | Your Emergency FundThis episode of the Finance Flash Go! podcast will talk about your emergency fund AKA the most important fund you have.
One of the first things that you need to do with the at least 20% of your income that you are saving is to establish an emergency fund. This is done before you start investing your money. Your emergency fund is a stash of money that represents 3-6 months of your average expenses. This fund is kept in a safe place, like a high yield savings account, so that it can be accessed and used easily when...2021-02-0303 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#18: The Finance Flash Go Podcast | Important Topics About Money | Do You Need a Financial Advisor?This epsiode of the Finance Flash Go! podcast will talk about financial advisors and if you need one to manage your money.
I think this a question on a lot of people’s minds, especially as they transition to and are a young attending physician.
My answer is pretty simple, you do not need a financial advisor to manage your money as a physician. How can I say this so boldly, because I went from financially clueless to managing my own finances within a few months. I am not special, if I can do it, so...2021-02-0205 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#17: The Finance Flash Go Podcast | Important Topics About Money | BudgetingThis epsiode of the Finance Flash Go! podcast will teach you the pinciples of budgeting made simple
Here is how you create your simple budget:
- Come up with a list of broad categories of expenses (i.e. rent/mortgage, groceries, entertainment, taxes – don’t forget taxes, etc.)
- Do NOT make one category “Amazon.” You need to break out what exactly you are buying at Amazon to avoid this becoming a black box.
- Label each expense category as a need or a want
- Go to your ban...2021-02-0105 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#16: The Finance Flash Go Podcast | Important Topics About Money | Your Ideal Savings RateThis epsiode of the Finance Flash Go! podcast is all about saving your money!
This podcast is all about the basic strategies to achieving financial freedom though, which by definition is all you need. I say this to emphasize that what I am going to share with you is a very simple recipe to achieve financial well-being and a safe retirement.
Save 20% of your gross income.
Do this and invest safely as I will teach you and you will be almost assuredly set.
For example, we can determine that we would...2021-01-2905 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#15: The Finance Flash Go Podcast | Important Topics About Money | How Much Money Do You Need to Retire?This epsiode of the Finance Flash Go! podcast is going to cover estimating how much money you need to retire.
How much of your retirement savings can you take out for living expenses each year in retirement without running out of money? That’s the biggest piece of the puzzle to estimating how much of a nest egg you will actually need.
A classic financial study demonstrated that if you withdraw 4% of your retirement savings each year during retirement, your nest egg will have the best chance of living as long as you do. This me...2021-01-2805 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#14: The Finance Flash Go Podcast | Important Topics About Money | Student Loan ManagementThis epsiode of the Finance Flash Go! podcast is about maybe the most importanta nd also intimidating part of your financial plan…student loan management!
So, we will now address debt paydown and student loans. I’m going to start generally by emphasizing that paying off debt is the most important thing that you can do to boost your financial well-being and advance towards financial freedom. That’s because this really is the first step to financial freedom. You need to stop taking on new debt and get rid of any and all debt you have. Look, when y...2021-01-2704 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#13: The Finance Flash Go Podcast | Important Topics About Money | Contract BenefitsThe topic on the Finance Flash Go podcast today is an important one! It's all about an overlooked but very important aspect of your contract negotiation.
Learn your benefits, they are part of your salary!
Another overlooked aspect of contract negotiation is making sure that you have a comprehensive understanding of the benefits offered by your employer. Your benefits package makes the difference in tens of thousands of dollars but most people don’t even learn about them until after signing the contract. Ask to speak with a benefits representative during your interview or on th...2021-01-2605 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#11: The Finance Flash Go Podcast | Important Topics About Money | Your Big WhyNow we are going to talk a bunch about mindset and specifially money mindset here on Finance Flash Go. But I’m gonna cut right to the chase today. You and your mindset need a “big why” to be financially successfull. Let me show you today on the Finance Flash Go podcast!
Remember, your big why, your overarching goal is going to guide you to success, pushing you through the good times and pulling you through the difficult times.
It is the reason that you are listening to this podcast.
So, take some time a...2021-01-2505 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#12: The Finance Flash Go Podcast | Important Topics About Money | Finding A Job in MedicineIncome is obviously a big part of your personal finances. And for income, you will likely get a doctor job. But how do you find the perfect job? I have a very special formula that I am going to share with you on the Finance Flash Go podcast, starting now!
Ok this is a lot of fun. For a lot of you, this will be the first time that you are hitting the open market as a free agent, working on finding your first job. For others, you may be looking to improve your current situation.
2021-01-2205 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#10: The Finance Flash Go Podcast | Important Topics About Money | Umbrella InsuranceWhen it rains, you need an umbrella for protection. You also need umbrella insurance to protect you from above policy limits litigation. Find out more in this episode of the Finance Flash Go podcast!
Umbrella insurance is insurance that covers any and every claim that could go against you and exceed your policy limits. It’s like an umbrella in that way.
So, let’s say that your car insurance has a bodily damage limit of $250,000 like mine. And you get in an accident and someone sues you for injuries for $500,000. If there was a succ...2021-01-2104 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#9: The Finance Flash Go Podcast | Important Topics About Money | Malpractice InsuranceA malpractice suit against you can be a financial catastrophe. That's why you need to protect yourself with malpractice insurance. Find out more in this episode of the Finance Flash Go podcast!
Malpractice insurance is expensive but a bit less complicated than disability insurance. Basically, you want to make sure that your malpractice insurance carries high enough coverage. Generally, you want $1million/$3 million in coverage. The cost of suits can add up but having a decision made above these limits is also rare.
There are also two types of malpractice insurance. Claims...2021-01-2004 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#8: The Finance Flash Go Podcast | Important Topics About Money | Life InsuranceDo you need life insurance? This episode of the Finance Flash Go podcast will help you answer this question!
Life insurance can be very important. Life insurance is insurance that will pay out to your loved ones (beneficiaries) if you pass away. Therefore, if you have anyone depending on your income like a spouse and /or kids among other possible dependents, you need life insurance.
Before we move on, one important distinction needs to be made. You are looking for term life insurance. This is life insurance offered over a time period or term...2021-01-1905 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#7: The Finance Flash Go Podcast | Important Topics About Money | Disability InsuranceIn this episode of the Finance Flash Go podcast, we'll chat about disability insurance.
Disability insurance can be tricky.
Ok, disability insurance. This is insurance that you pay so that if you become disabled and cannot work anymore, the policy will pay you enough money such that you can keep living your life. It is much more expensive than life insurance but is completely necessary. Disability is a financial catastrophe. You need to be protected against it.
But how much disability insurance do you need? To find this out, calculate your...2021-01-1805 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#6: The Finance Flash Go Podcast | Important Topics About Money | Active Versus Passive InvestingThis episode of the Finance Flash Go podcast is all about active versus passive investing. Which is best?
Actively managed accounts underperform passively managed funds 80% of the time. And, there is no way to predict ahead of time which actively managed funds will be in the 20%. Your advisor thinks she is smarter than the rest and can beat the 80%. She can’t.
My stock portfolio is comprised of passively managed index funds that are designed to approximate the market average, not chase waterfalls. I’ll take an 80% chance versus 20% any day of the week...2021-01-1504 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#5: The Finance Flash Go Podcast | Important Topics About Money | Index FundsThis episode of the Finance Flash Go podcast is one of my favorite topics, index funds!
An index fund is a collection of stocks strategically picked to mirror some index marker of the overall stock market. For instance, the S&P 500 is an index with a collection of stocks thought to give a good sense of the overall market. (Is the market going up or down?, etc.).
An index fund will mirror the movement of the index that it is based on. Betting on the whole stock market is a much safer bet...2021-01-1406 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#4: The Finance Flash Go Podcast | Important Topics About Money | Mutual FundsThis episode of the Finance Flash Go podcast discusses mutual funds.
A mutual fund is a collection of stocks that some financial "expert" puts together that she or he thinks will perform very well i.e. the value will overall trend upward. This is a form of active investing in which you or someone tries to pick the best stocks and time the market, meaning choose when the stocks will go up or go down.
Unfortuantely, active investing has shown to not work. Passive investing is better. In fact, by managing your...2021-01-1305 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#3: The Finance Flash Go Podcast | Important Topics About Money | BondsThis episode of the Finance Flash Go podcast is all about bonds including what they are and how many you need.
A bond is basically an IOU from the government, a corporation, or other entity. You give them money and they promise you to give that amount of money back with a fixed interest rate at a later date (called the maturity of the bond, like 5 years, 7 years, or whatever).
A stock is a part ownership in a company. You buy one share and you become an owner. Each share has a price tag...2021-01-1205 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#2: The Finance Flash Go Podcast | Important Topics About Money | Stocks!This episode of the Finance Flash Go podcast answers an important question: What has the stock market done over the long term?
And the answer is...Over the long term, the overall stock market has always gone up!
If you put money in the overall stock market at any point in history and just did nothing and kept it there for 20 years, you would have made a lot of money. This is largely what you are doing by investing in broadly diversified index funds. For example, the brokerage Vanguard (my favorite for its low costs...2021-01-1104 minFinance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy#1: Welcome To The Finance Flash Go Podcast | Important Topics About Money | Create and Grow Wealth!This episode is an introduction to the Finance Flash Go Podcast where we provide a question and answer style show every weekday!
The Finance FlashGo Podcast is a podcast co-produced by Plastic Surgeon Dr. Jordan Frey, Family Physician Dr. Neel Desai, and Psychiatrist Dr. Taylor Brana. We also want to give thanks to Atrik Patel for aiding us in content production for this amazing show. One challenge that many people face is that they never learned the proper methods of creating and sustaining wealth. While we all may hold different ideas of what it means to be...2020-12-2702 min
Succeed in MedicineThe Secret to Being a Happy Doc from the Happiest Doc, Taylor Brana, DODr. Taylor Brana is a Resident Physician in Psychiatry, Creator of The Happy Doc Podcast and developer of educational platforms that utilize voice-first technology. Our interview is really two separate interviews in one. In the first, we cover his podcast, where he interviews physicians on how they manage to continue finding fulfillment and enjoyment in their lives and practices in a world of crushing debt, wasteful administrative burdens, and so much clicking. We discuss the recurring themes that he sees from his guests. He started this as a med student and continues with it in residency, so we also...2020-09-1549 min
The Culture Matters PodcastSeason 6, Episode 68: Guest: Taylor Brana: Operate at a Higher LevelTaylor Brana and Jay recorded this episode in the beginning of 2020 and by listening in you are certainly in for a treat!Taylor Brana is a Resident Physician in the field of Psychiatry and since starting his medical career he has taken a deep interest in aiding in the processes of medicine, healthcare, and education. Taylor started a podcast called The Happy Doc which has allowed him to take a deep dive into learning what makes physicians fulfilled and how they can build success and joy in their lives. Taylor has learned from over 50 inspirational d...2020-08-162h 00
The Voice of Law PodcastVoice Tech. Guest Appearance on The Happy Doc Podcast with Dr. Taylor Brana.It was an honour to be a guest on The Happy Doc Podcast with host Dr. Taylor Brana. We had a lot of fun putting this together. Here is our episode - The Laws of Voice Technology. Dr. Taylor Brana is a resident physician in the field of psychiatry from The United States of America. He is also a co-contributor of The Voice Technology in Healthcare Book. Through his podcast and various projects he is inspiring health professionals to lead happy and fulfilled lives. Enjoy the episode, and please check out The Happy Doc Podcast.2020-03-2939 min
Voice First HealthVoice For Medical Education with Drs. Neel Desai and Taylor BranaIn this episode, Teri welcomes Drs. Neel Desai and Taylor Brana who wrote a chapter together in the Voice Technology in Healthcare book about medical education and how voice technology is completely changing the way that we look at education for medical trainees.Dr. Desai has dedicated many years towards helping medical students to understand that there is so much more to medicine that just practicing natural medicine. Dr. Brana is the host of the Happy Doc Podcast which amplifies the voices of physicians that are doing really interesting, creative, and fulfilling things that are outside...2020-02-2500 minVoice First HealthVoice For Medical Education with Drs. Neel Desai and Taylor BranaIn this episode, Teri welcomes Drs. Neel Desai and Taylor Brana who wrote a chapter together in the Voice Technology in Healthcare book about medical education and how voice technology is completely changing the way that we look at education for medical trainees.Dr. Desai has dedicated many years towards helping medical students to understand that there is so much more to medicine that just practicing natural medicine. Dr. Brana is the host of the Happy Doc Podcast which amplifies the voices of physicians that are doing really interesting, creative, and fulfilling things that are outside...2020-02-2533 min
Totally Well PodcastTotally Well Podcast - Joyce Strong - Episode 91 - Taylor Brana, D.O.Totally Well is a place where we get curious, ask questions and explore everything to do with health, wellness, fitness, personal development, helping people and all the things it takes to help you live a strong, joyous life.Reach out to Coach Joyce at @TotalWellCoach on all social media platforms. I love getting questions and DMs and making new connections! What do you need help with? What problem are you trying to solve! Your questions help me produce great content that helps more people!JOIN MY TOTAL WELL COACH INNER CIRCLE for virtual coaching, classes...2020-01-2900 minVoice First HealthThe Happy Doc Podcast with Dr. Taylor BranaIn this episode, Teri was interviewed on The Happy Doc Podcast by the host, Dr. Taylor Brana, about voice technology and what he is doing in the space.The Happy Doc Podcast amplifies the voices of physicians that are doing really interesting, creative and fulfilling things that are outside of their regular medical practice. Dr. Brana is a Resident Physician in the field of Psychiatry and has had a deep interest in aiding in the processes of medicine, healthcare, and education. Starting The Happy Doc Podcast has enabled him to learn what makes physicians fulfilled in...2019-05-2100 minVoice First HealthThe Happy Doc Podcast with Dr. Taylor BranaIn this episode, Teri was interviewed on The Happy Doc Podcast by the host, Dr. Taylor Brana, about voice technology and what he is doing in the space.The Happy Doc Podcast amplifies the voices of physicians that are doing really interesting, creative and fulfilling things that are outside of their regular medical practice. Dr. Brana is a Resident Physician in the field of Psychiatry and has had a deep interest in aiding in the processes of medicine, healthcare, and education. Starting The Happy Doc Podcast has enabled him to learn what makes physicians fulfilled in...2019-05-2153 min
Docs Outside The BoxLiving a fulfilled life by acknowledging your fears with Taylor Brana, MD [5-Minute Friday]SEND US A TEXT MESSAGE!!! Let Drs. Nii & Renee know what you think about the show!LISTEN & SUBSCRIBE ON: APPLE PODCASTS | GOOGLE PLAY | STITCHER | SPOTIFY Everyone gets scared at some point in their life, and that’s fine. It’s how you deal with it that matters. Learn to overcome your fears in this episode as Dr. Brana from The Happy Doc podcast shares what scares him and how he dealt with it in order to live a fulfilled life. Learn more about Dr. Taylor Brana and connect with him at...2019-01-1807 min
InsideTheBoards Study Smarter Podcast: Question Reviews for the USMLE, COMLEX, and Medical SchoolPsychiatry with Taylor Brana – On the Happy Doc's Couch for Some USMLE Therapy (plus Kaplan Test Prep Minute: Why are Question Stems so Long?) | 2017 Study Smarter Series [Archive]InsideTheBoards Study Smarter Series for the USMLE Step 1 and COMLEX Level 1 This is a best-off episode of the ITB podcast featuring Elizabeth's conversation with friend of ITB and psych resident, Taylor Brana of The Happy Doc. They're breaking down some high-yield psychiatry questions. Kaplan Test Prep Minute Have you ever asked yourself, why are test-questions so long? In today's Kaplan Test Prep minute with Dr. Chris Cimino, Vice President and Chief Medical Officer for Kaplan Medical, we discuss how the examination question writers determine the length of a question vignette. ITB listeners can take up to 40% off any Kaplan Medical...2018-06-0856 min
InsideTheBoards for the USMLE, COMLEX & Medical SchoolPsychiatry with Taylor Brana from The Happy Doc Podcast | Study Smarter Series Episode 14In this episode Elizabeth deconstructs some practice USMLE Step 1 and COMLEX Level 1 Behavioral sciences/psych questions (provided by the fine folks at Osmosis) with Taylor Brana from the Happy Doc Podcast. Check out his show at www.thehappydoc.com
Want early access to ITB's Audio Question Bank for medical school? We're putting together a test group of 25 first/second year med students and 25 third years to help us make the best all audio resource for med school. Send an email to info@insidetheboards.com or visit patreon.com/insidetheboards for more details.
ITB Audio Qbank and iOS Beta App
The Aud...2017-06-1751 min